1. The marijuana industry has experienced a 74% growth rate over the past year, and has now become a $2.7 billion industry.
2. Investors who once backed tech firms are now funneling their funds into the cannabis industry. TechCrunch reports that the Founders Fund recently invested in Privateer Holdings. The fund, which was started by Peter Thiel, a PayPal co-founder, was just one of the firms offering $75 million in funding to Privateer Holdings, a firm that currently holds multiple cannabis investments.
3. Venture funding in marijuana startups is now pouring in from all directions. Rapidly becoming known as potpreneurs, marijuana startups are heavily betting on the potential for marijuana to be legalized in more states. Among those startups is Weedmaps, an app that gives users the ability to locate marijuana medical dispensaries. Another marijuana startup, Leafly, offers users the opportunity to rate and review various cannabis strains, kind of like a highly specialized Yelp just for the marijuana industry. Leafly is bringing in revenue of $100,000 monthly, according to Forbes.
4. CrunchBase reports that in the last year alone, there were almost 30 venture investments in marijuana startups.
5. Estimates indicate that as many as 12 million people in the United States use cannabis daily or almost daily.
The Bottom Line
While the legalized marijuana industry may still be somewhat of a new frontier, it is evolving rapidly, fueled by investors who are more than willing to hedge their bets on the potential offered by this controversial, yet, booming opportunity.